Albany, NY -- (SBWIRE) -- 05/19/2018 -- The vendor landscape for the global personal mobility devices market features a moderate level of competition, with the top three companies, namely Invacare Corporation, Sunrise Medical LLC, and Hill-Rom Holdings, Inc., collectively accounting for nearly 36% of the overall market in 2015. With pressure rising from global consumers for economical products, the price rivalry among leading players has substantially increased in the recent times, observes Transparency Market Research in a recent report. Price wars are likely to become intense among companies as focus on cost-sensitive emerging markets has increased in the recent times.
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According to the report, the market is likely to expand at a promising 7.30% CAGR over the period between 2015 and 2023, rising from a revenue valuation of US$6.65 bn in 2014 to US$12.7 bn by 2023.
North America to Continue to Account for a Large Piece of Revenue Pie
Of the key device types in the market, the segment of medical mobility aids and ambulatory devices dominated the global market in 2015. The segment is also expected to retain its top spot over the report's forecast period, surging at a promising 8.5% CAGR over the period between 2015 and 2023. Geographically, the market has conventionally acquired a substantial share in its revenue from developed regions such as North America and Europe. The market in North America accounted for over 41% of the global market in 2014 and is likely to retain its leadership, thanks to innumerous policies and adequate facilities across organizations and public spaces for people with disabilities.
Rise in Employment Rate of People with Disabilities to Bode Well for Market Growth
Owing to the fact that aging often leads to conditions associated with bone density and mobility, consequently leading to the need for assistive and personal mobility devices, the mounting global geriatric population has been ascribed as one of the leading drivers for the global personal mobility devices. As long-term caregiving from families continues to become a rarity, the environment has become highly encouraging to the positive expansion of the global personal mobility devices.
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The rise in the number of policies that delay the official age of retirement is also expected to have a positive implication on the market. With such policies being implemented on a global level, organizations will be required to put in place proper facilities for elderly. This will, in turn, lead to an increase in the demand for personal mobility devices in the near future. Moreover, the vast rise in the employment rate of people with disabilities across the globe is also likely to augur well for the market.
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